Titan’s 1.28Moz freekick from reinstated gold and silver project

Special Report: Titan has added further gold and silver potential to its portfolio after the high-grade Jerusalem gold project in Ecuador was successfully reinstated.

The project has a current non-JORC resource of 1.28 million oz (Moz) of gold averaging 14.5 grams per tonne (g/t) gold and 8.6Moz of silver at 98g/t gold.

Titan Minerals (ASX:TTM) noted that the project is about 40km south of Lundin Gold’s Fruta del Norte mine (+13Moz) and is contiguous with Luminex Resources’ Condor project (5Moz) to the south.

“Clearly, the concession adds significant value to our already exceptional portfolio of exploration and development assets,” managing director Laurie Marsland said.

“We look forward to placing boots on the ground to evaluate the full potential of Jerusalem and the opportunities it provides.”

The company remains focused on expanding resources at its flagship Dynasty gold project in Ecuador.

Location of Titan Minerals projects in Southern Ecuador Pic: Supplied

Jerusalem project background

The Jerusalem project was originally acquired in 2003 and saw substantial expenditure from 2003 through 2007.

Subsequently, the previous management pledged an expenditure commitment for exploration investment from May 2010 but was prevented from actively exploring the project due to illegal artisanal mining activity, leading to Force Majeure being declared.

An attempt in 2015 to ask the government to evict the illegal miners was unsuccessful and a cancellation of the concession in 2017 was declared null and void by the Supreme Court in 2019.

Following its acquisition of Core Gold in May 2020, Titan has now successfully applied for the concession to be reinstated.

Jerusalem has been the focus of a number of exploration campaigns since the late 1990s and artisanal mining activity since the early 1980s.

The company has identified data for 47 historical diamond holes – 30 within the project area – totalling 13,383m that were drilled inside or intersected the Jerusalem project.

Numerous high-grade targets have also been identified but not explored and the system remains open to the north and at depth.

Titan added that the current resource under the Canadian NI 43-101 standards provide the basis for continued exploration activity and advancement of Jerusalem through additional desktop studies for the purpose of data validation and ranking of targets within the project area.

However, it is not considered to be of a quality to underpin any economic reviews and the company plans to carry out exploration to define a JORC resource.

This article was developed in collaboration with Titan Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.